Langdon Choice Bank President Todd Borchardt has been named a 2023 40 Under 40 Community Bank Leader by the Independent Community Bankers of America (ICBA). This award recognizes up-and-coming innovators, influencers, and civic servants that represent community banking excellence.
Taking a signal from customers at the vanguard of agricultural change, Borchardt and his fellow bankers recognized that the traditional banking experience needs to evolve for farmers and ranchers. Borchardt served on a team of Choice bankers that developed the Choice Bank Ag Supplier Finance program, which offers low-cost financing solutions for farmers and ranchers through local ag retailers for products including seed, fertilizer, and chemical.
Borchardt worked with specialists to develop a device-responsive online application for this financing program that works on any device with an internet browser. Upon completing the application, farmers are notified immediately whether they are approved or denied financing. This one-of-its-kind ag banking application and service is designed specifically for farmers to enhance the customer experience and move agricultural lending into the future.
“If it’s springtime, it’s planting time. We can’t be face-to-face with our borrowers because they’re too busy,” Borchardt said. “So we introduced digital banking solutions, from DocuSign to paperless systems, that let farmers use their tablets or smartphones to secure necessary financing without losing sight of their tractors and land.”
For bankers, everything from promissory notes to security agreements can be viewed online and offer impressive time savings. “We get quicker results with fewer people touching documents,” Borchardt said. “There’s a lot less redundancy.”
Borchardt is constantly looking for solutions to improve the customer experience and agriculture banking.
“Todd’s vision of community banking is strong in its roots and dedicated to serving local families and businesses, but is also forward-thinking,” Choice Bank President Brian L. Johnson said. “In order to best serve the bank’s customers and community into the future, Todd has adopted an innovative approach to evolve the traditional banking experience to meet the needs of modern consumers, business owners, farmers, and more.”
Borchardt is described by his colleagues as a thoughtful, open, and empowering leader. He recognizes the importance of employee impact when making decisions or implementing a new process.
Borchardt has served on several community and regional boards in the Langdon area and is a founding member of the Choice Bank Child Care Grant Program.
“ICBA congratulates Todd as we celebrate rising talent poised to shape the future of the community banking industry,” ICBA President and CEO Rebeca Romero Rainey said. “Todd’s dedication to his customers and community shines through and ICBA is proud to acknowledge his efforts and looks forward to watching his continued achievements and successes in the years ahead.”
The feature story in the June 2023 issue of Independent Banker highlights how the 40 Under 40 honorees have dealt with tumultuous market conditions, leveraging their local expertise and sound business practices to improve the customer experience and create greater economic resilience within their communities. Candidates were judged on character, leadership, community involvement, and innovation. Featured community bankers were grouped in the following categories: lenders, educators, innovators, volunteers, marketers, and project leaders.
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